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Saturday, March 2, 2024

A budget game plan: Mother of five pledges to freeze all of her non-essential spending for January\n

Rachel Bozarth is taking some drastic measures to attack her debt.

The 32-year old mother of five has pledged to freeze all of her non-essential spending for the month of January.

"I need to retrain myself to realize that not everything is a need," said Bozarth, who lives in Olathe, Kansas.

She and her husband have just over $50,000 in total debt, which includes student loans, medical bills, credit cards and a car payment. She's currently not working and her husband owns a landscaping company.

Bozarth admits she has never been good at sticking with a budget. She and her husband pay bills as they come in and buy stuff when they want. That includes grabbing take-out, buying fountain drinks at the gas station and making purchases on Amazon nearly every day.

"Those expenses add up quickly, and before you know it, you have spent hundreds [maybe thousands] of dollars on things that weren't necessary," she wrote to CNBC in an email.

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